On Friday, Mass Hysteria Entertainment Company, Inc. (OTC:MHYS) more than doubled, after filing an 8-K.
At the closing bell MHYS was up 120% to $0.0011. More than 8.2 million shares changed hands.
The 8-K filing said Alan J. Bailey had been appointed as CFO and member of the BoD of MHYS. Mr. Bailey has had an impressive career, including serving as VP and Treasurer at Paramount Pictures.[BANNER]
The appointment of Mr. Bailey seems to be the reason for the market performance of MHYS, because other than that there aren’t many positive things around the company.
Recent filings show the authorized shares of MHYS will go from 300 million to 2 billion, with the change being prompted by the need for more shares to satisfy derivative liabilities and debt.
MHYS hasn’t managed to find a source of recurring revenue so far, and has been in the sub-penny zone for a while now. In such a highly competitive sector MHYS will have to overcome a lot of difficulties if it is to become profitable one day.
